eTrade 2010 Annual Report Download - page 189
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Exhibit 12.1
STATEMENT OF COMPUTATION OF RATIO OF EARNINGS (LOSS) TO FIXED CHARGES
(in thousands, except ratio of earnings (loss) to fixed charges)
The ratio of earnings (loss) to fixed charges is computed by dividing fixed charges into income (loss) before income taxes,
discontinued operations and the cumulative effect of accounting changes less equity in the income (loss) of investments plus fixed
charges less the preference securities dividend requirement of consolidated subsidiaries. Fixed charges include, as applicable, interest
expense, amortization of debt issuance costs, the estimated interest component of rent expense (calculated as one-third of net rent
ex
p
ense) and the
p
reference securities dividend re
q
uirement of consolidated subsidiaries.
For the Year Ended December 31,
2010 2009 2008 2007 2006
Fixed charges:
Interest ex
p
ense
$ 486,567 $ 852,766 $ 1,557,654
$ 2,102,446
$1,508,854
Amortization of debt issue ex
p
ense
993
1,878
6,440
9,492
8,438
Estimated interest
p
ortion within rental ex
p
ense
7,574
8,316
8,968
8,912
8,241
Preference securities dividend requirements of
consolidated subsidiaries
—
—
—
—
—
Total fixed char
g
es
$495,134
$ 862,960
$ 1,573,062
$ 2,120,850
$1,525,533
Earnings:
Income (loss) before income taxes and discontinued
o
p
erations less e
q
uit
y
in income (loss) of investments
$ (2,402)
$(1,826,815)
$(1,297,381)
$(2,182,951)
$ 929,869
Fixed char
g
es
495,134
862,960
1,573,062
2,120,850
1,525,533
Less:
Preference securities dividend requirements of
consolidated subsidiaries
—
—
—
—
—
Earnin
g
s (loss)
$ 492,732
$ (963,855)
$ 275,681
$ (62,101)
$2,455,402
Ratio of earnin
g
s (loss) to fixed char
g
es
1.00
(1.12)
0.18
(0.03)
1.61
Excess (deficienc
y
) of earnin
g
s (loss) to fixed char
g
es
$(2,402)
$(1,826,815)
$(1,297,381)
$(2,182,951)
$929,869